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The value of statistical life is a common factor in that while most people are very optimistic about living a long life, it is not guaranteed. Therefore, those who can afford it are willing to go that extra mile and pat top dollar to ensure that their mortality is increased (Doctors of America, 2011). I would not support this notion because it denies the common countryman the advantage as they cannot afford such facilities. In the same breath, health systems remain underdeveloped depending on who they serve based on how much one is worth as opposed to the value of life.
It would be advisable if governments try to normalize services and treat the rich and the poor as the same to avoid this marginalization among its citizens for growth in the economy (Hammitt, 2017). The value of statistical life refers to how much an individual is willing to pay to increase their mortality risk.
These sorts of prosperity research in this regard have provoked basic disclosures, the progression of new medicines, and a vital improvement in human administrations and general prosperity (Treich and Andersson, 2009). Money related investigators have found that clinical assessment can massively influence human prosperity and life expectancy and that the thusly extended proficiency of the people contributes fantastically to the national economy.
Doctors of America. 2011. Rationing of Healthcare in America. [Online]. Available at http://www.drsforamerica.org/blog/rationing-of-healthcare-in-america [Accessed on August 6th, 2020]
Hammitt, J. K. (2017). Extrapolating the value per statistical life between populations: Theoretical implications. Journal of Benefit-Cost Analysis, 8(2), 215-225.
Treich, N. and Andersson, H. 2009.The Value of a statistical life. Toulose School of Economics, 2, 9-15.
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